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Commissioner Macht commented that a recent article in the Press Journal reported elements of a purported proposal made to the Chairman of the Lost Tree Islands company and attributed the information to himself. He went on to clarify his conversation with Mr. Bayer who stated that if an offer were made based on a formula derived from the appraisals, and if the state produced its contribution, he would entertain the offer. That was the totality of his conversation with Mr Bayer. The offer would include only the inner and outer islands and McCullers Point. No one has evidenced any interest in Pine Island or Hole -in -the -Wall Island, which is in conservation. The only other element of the offer would be a notice of condemnation that would allow Lost Tree to obtain an exchange for a like piece of property and shelter some funds from capital gains. That is basically what was reported to LAAC. If the Commission votes favorably for the transaction, staff, and no one else, would be authorized to negotiate with Lost Tree. That has always been a tenet in obtaining environmental properties. Environmental Chief Roland DeBlois continued that FCT has $66,000,000 to distribute, with an upper limit of $6,600,000 for one project. There is a requirement for continuity of lands and the islands would qualify as one project. The FCT application would include all of the projects being considered by LAAC, not dust the Lost Tree Islands. Also included would be the Hallstrom Farmstead, located on Old Dixie Highway near Vero Beach Highlands. That property consists of approximately 94 acres surrounding the homestead. This property would give the County an immediate opportunity to work with the Historical Society as a match partner. The total application to FCT would be for $6,600,000; $5,500,000 for Lost Tree Islands and $1,100,000 for the Hallstrom Farmstead. AUGUST 7, 2001 -65- BK 119 PG 0 7 9